Brazil’s trade surplus narrowed to $5.84 billion in November 2025, from $6.57 billion in October and $6.75 billion in November 2024, as exports rose less than imports. The latest figure came in slightly above market expectations of $5.7 billion. Exports rose 2.4% year-on-year to $28.51 billion, supported by strong sales in agricultural (+25.8%) and manufactured goods (+3.7%), which more than offset a drop in the extractive industry (-14.0%). Meanwhile, imports increased 7.4% to $22.67 billion, driven mainly by higher purchases from the manufacturing sector (+9.3%) that outweighed declines in agricultural imports (-5.4%) and extractive industry imports (-18.1%). Among major trading partners, exports to China surged 41%, while imports edged up 3.1%. Sales to the US declined 28.1%, while imports climbed 24.5%. For the January-November period, the country’s trade surplus narrowed to $57.84 billion from $69.54 billion in the same period last year.